KASNEB CIFA Advanced case studies
KASNEB CIFA Advanced · Put your knowledge to work in context.
CIFA - Certified Investment and Financial Analysts - is a professional qualification offered by Kasneb, the Kenya Accountants and Secretaries National Examinations Board, a State Corporation under The National Treasury and Economic Planning that was established by the Government of Kenya in 1969. Kasneb states that the qualification is designed for persons who aspire to excel as investment, securities and financial analysts, portfolio managers, investment bankers, fund managers or consultants in national and global financial markets. The KASNEB CIFA Advanced case studies are 5 cases and about 3,573 words.
1Mavuno Foods: When the Terminal Value Is the Valuation
An analyst at a Nairobi fund has valued Mavuno Foods, a listed FMCG company, on a five-year FCFF model. Explicit-period cash flows discount to KES 2,780m.
678 words, about 3 min2Delta Cement 12% 2029: Carry Versus Classification
A credit analyst at a Kenyan bank holds KES 100m face of Delta Cement's 12% annual-coupon bond, seven years to maturity, now quoted at 94.50 after a two-notch downgrade to BBB. Treasury marks the yield at about 13.25%.
723 words, about 4 min3The 85% Funded Scheme and the Equity Temptation
A defined-benefit scheme has assets of KES 8.2bn against a liability present value of KES 9.6bn, discounted at 9.0%. The actuary reports a liability duration of 11.5 years.
690 words, about 3 min4Sokoni Logistics IPO: Reading the Book Behind 1.3x Coverage
You are lead adviser on the KES 4.0bn IPO of Sokoni Logistics, 25% of post-money equity, implying KES 16.0bn equity value. LTM EBITDA is KES 2.45bn and net debt KES 2.3bn, so the top of the range is 7.5x EV/EBITDA against listed peers at 6.8-7.4x.
809 words, about 4 min5Twelve Exceptions: Backtesting a KES 2.4bn VaR Model
A fund's risk unit reports a one-day 99% parametric VaR of KES 50m on a KES 2.4bn portfolio, built from 60% equities (22% annual volatility), 40% bonds (9% annual volatility) and an assumed correlation of 0.15. Over the last 250 trading days there were 12 losses exceeding the VaR estimate.
673 words, about 3 min